Proper year-end planning can help alleviate any unnecessary tax burden. While little happened in the way of tax legislation in 2016, there are certain tax breaks from which you may benefit and certain strategies that can be...more

As the end of the year approaches, many may begin thinking about making gifts to qualified charitable organizations as a way to reduce potential estate and income tax liability while supporting a worthy cause. This brief...more

During her lifetime, Anna Smith established the Anna Smith Family Trust, a revocable trust administered for her benefit. Initially, Anna was initially a co-trustee with two of her children, but eventually became sole trustee....more

AN ANALYSIS OF TAX LAW PROPOSALS OF THE PRESIDENT-ELECT AND THE HOUSE -
President-elect Trump made tax reform a highlight of his campaign, calling for fewer tax brackets, lower individual rates, and reduced corporate tax...more

2017 Estate, Gift and GST Tax Update: What This Means for Your Current Will, Revocable Trust and Estate Plan -
As we previously reported, the American Taxpayer Relief Act of 2012 (the "Act") made the following permanent:...more

A recent case illustrates 3 important burden of proof issues.
The general facts of the case involved a merger of a company owned by parents with a company owned by children. The gift tax issue involved the relative value...more

The end of the year is always a good time for our clients to look at their personal tax and estate planning situation and consider whether to take any action before Dec. 31. This year, with the Trump administration about to...more

With Republicans in control of the U.S. Senate, the U.S. House of Representatives and the White House starting in 2017, the federal government is now better positioned to move forward on comprehensive tax reform, with...more

As a result of the United States federal elections on November 8, 2016, Donald J. Trump is the president-elect, and the House of Representatives and Senate both will consist of Republican majorities. As a result, it is...more

In the 2016 Autumn Statement, The Chancellor announced that reforms, originally proposed in Summer Budget 2015, to inheritance tax and business investment relief for non-UK domiciled individuals will come into effect from 6...more

The election of Donald Trump and Republican majorities in U.S. Congress make the future of the federal transfer tax system (gift, estate and generation-skipping transfer (GST) taxes) uncertain. President-elect Trump and...more

In 2016, we continued to experience a period of relative stability in our federal transfer tax system and have been able to plan without expecting imminent significant changes to the system. Under the American Taxpayer Relief...more

In this final installment in our three-part series, we discuss the planning technique known as Charitable Lead Annuity Trusts (CLATs). Like Intra-Family Loans and Grantor Retained Annuity Trusts (GRATs) described in previous...more

On November 8, Donald Trump was elected as the 45th U.S. President. Trump is scheduled to take office on January 20, 2017, and he has announced tax reform as a top legislative item on his 100-day action plan. Given the strong...more

Last week’s election results have raised a number of questions about tax reform or repeal and the impact of such legislation upon your estate plan. It’s too early to tell how this will shake out. Nonetheless, below are the...more

Donald Trump’s tax plan calls for elimination of the “death tax,” which refers to the federal estate and generation-skipping transfer (“GST”) taxes, and may include the federal gift tax. His plan also calls for imposition of...more

Although it is often said that nothing is certain except death and taxes, the one tax you may be able to avoid or minimize most through planning is the tax on capital gains. Here's what you need to know to do such planning...more

Following the results of last Tuesday’s election, there is significant speculation about the status and future of the tax code in light of President-elect Donald Trump’s proposed tax reform plan. Much of this speculation is...more

The election of Donald Trump as the next president of the United States, coupled with the Republican Party maintaining its control over both houses of Congress, portends the possibility of significant changes to the tax law....more

IRS Simplifies Rules for Correcting Late Rollovers -
On August 24, 2016, the Internal Revenue Service (the “IRS”) issued Revenue Procedure 2016-47, which greatly simplifies the procedure for correcting late rollover...more

Estate planning for closely held family businesses could be significantly affected by proposed regulations that have been published by the Internal Revenue Service.
The IRS proposed regulations and their effect on...more

Many estate planning provisions of the Internal Revenue Code contain brackets, exemptions, exclusions, deductions, or other figures that are adjusted annually for inflation. Every year around this time, the IRS releases these...more

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